Latch, Inc. (NASDAQ: LTCH) (“Latch” or the “Company”), maker of
LatchOS, the full-building enterprise software-as-a-service (SaaS)
platform, today announced that its Board of Directors (the “Board”)
has appointed Jason Keyes as interim Chief Executive Officer and
Marc Landy as interim Chief Financial Officer. These appointments
are effective immediately.
Latch also announced the resignations of Luke Schoenfelder as
the Company’s Chief Executive Officer and Chairman of the Board, as
well as interim Chief Financial Officer Barry Schaeffer and Chief
Accounting Officer Junji Nakamura.
Mr. Schoenfelder said, “From co-founding Latch at my kitchen
table to leading it to its current scale, I am enormously proud of
the products we’ve delivered for customers, and I am excited to
continue to support Latch’s new leadership team as a proud
stockholder and advisor going forward."
The Board released the following statement: “The Board thanks
Luke for his visionary thinking since co-founding Latch in 2014 and
for his dedication to positioning Latch as an innovative leader in
our space, as well as his willingness to continue as an advisor to
the Company in this next phase. The Board also thanks Barry and
Junji for their thoughtful leadership and their many contributions
to Latch’s growth. The Board remains confident in the long-term
outlook for the Company and believes that Jason’s and Marc’s broad
experience leading and advising companies through transformative
periods will enable Latch to drive operational performance and
sustainable growth in this next chapter.
“As Latch evolves from a dynamic, promising technology start-up
to a maturing business well-positioned for growth, the Board is
confident in these new leaders’ abilities to instill greater focus
on the Company’s operating processes and accelerate its path toward
profitability.”
Mr. Keyes said, “I am honored and excited for this opportunity
to build on Latch’s business momentum and healthy financial
position. We believe the Company is on a strong trajectory after
achieving substantial run rate savings and continues to
strategically invest in new product development and support for our
customers. The outlook for Latch is strong with an innovative
portfolio of products, an expanding market opportunity to serve
both existing and new customers, and a healthy balance sheet and
cash position. I look forward to working closely with the
leadership team, the Board and Latch’s talented employees to
continue the mission to make spaces better places to live, work,
and visit.”
Mr. Keyes serves as a Partner and Managing Director of
AlixPartners, a global consulting firm, a role he has held since
2021. He previously served as a Director of AlixPartners from 2018
to 2021. Prior to that, Mr. Keyes was with Zolfo Cooper, a
financial advisory and interim management firm, from 2008 until its
acquisition by AlixPartners in 2018. He has more than 15 years of
turnaround, corporate finance, and restructuring experience
spanning such industries as technology, transportation, retail,
energy, aerospace, and infrastructure.
Mr. Landy served as a Director of AlixPartners from 2008 to
2022, and was promoted to his current role as a Partner in 2023.
Mr. Landy has more than 35 years of professional experience in
various accounting-related disciplines. He has advised management
teams, investors, boards of directors, board committees, and other
stakeholders in matters involving accounting, financial reporting,
and financial operations in high-impact situations.
Other Strategic Updates
As part of Latch’s ongoing focus on execution and sustainable
growth, the Company is concurrently conducting a restructuring and
redeployment of resources to drive a renewed focus on customer
experience-facing resources, enable and expedite market expansion,
optimize operational efficiency, and ensure continued exceptional
service to its customers.
The Company continues to actively work through the previously
announced restatement process in order to re-establish its
reporting cadence with clarity and transparency.
The Board plans to conduct a comprehensive search for a
permanent CEO and CFO.
About Latch, Inc.
Latch makes spaces better places to live, work, and visit
through a system of software, devices, and services. For more
information, please visit https://www.latch.com.
FORWARD-LOOKING STATEMENTS
This release contains certain forward-looking statements within
the meaning of the federal securities laws, including statements
regarding adoption of Latch’s technology and products. These
forward-looking statements generally are identified by the words
"believe," "project," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "opportunity," "plan," "may," "should,"
"would," "will continue," "will likely result," and similar
expressions. Forward-looking statements are predictions,
projections, and other statements about future events that are
based on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Forward-looking information
includes, but is not limited to, statements regarding: the
Company’s future products, financial performance, strategies, and
operations, and the related benefits to shareholders, customers,
and residents, the impact and timing of organizational and
management changes and restructuring activities on the Company’s
business, and the restatement of certain of the Company’s
historical financial statements. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this document, including Latch’s ability to implement
business plans and changes and developments in the industry in
which Latch competes. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the "Risk Factors"
section of our Annual Report on Form 10-K filed with the SEC on
March 1, 2022, and other documents filed by Latch from time to time
with the SEC. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and the Company assumes no obligation
to update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise, except as
required by law, including the securities laws of the United States
and the rules and regulations of the SEC. The Company does not give
any assurance that it will achieve its expectations.
CONTACTS:
Investors:investors@latch.com
Media:press@latch.com
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